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## Learn the Pitfalls of Refinancing

Logic is the prevailing factor when deciding whether you should refinance. It stands to reason that if you plan to move in a few years, you shouldn’t have to pay any upfront costs to get a loan.

Plus, lower interest rates than you’re currently paying shouldn’t be the only deciding factor. A lower interest rate may be canceled out if you pay closing costs or exit your stock position. Denying the lower rate leaves you with no advantage. Refinancing only makes sense in certain cases; otherwise, it’s probably best to stick with what you currently have.

First and foremost, you need to decide what financial goal you are trying to achieve. There are many types of mortgage programs, each for different situations. Determining your goal is the most important factor in deciding which program, if any, will be most beneficial.

Calculating the difference in your monthly payment is only a small part of it. You must also:

• Determine how long it will take to recover the costs associated with this process.

• Determine if you will live in the house long enough to recoup the initial cost. It’s an easy calculation. If you’re going to save $300 a month and the loan cost you $7,000 to get it, you’ll break even in about 2 years. Perfect, provided you don’t move in at least three years.

• Paying less interest will lower the amount of mortgage interest costs you can deduct from your income taxes.

Is your monthly cash flow an issue that could cause you to fall behind on your mortgage payment? If the answer is yes, you should consider the possibility of refinancing so that you can make the payment. If not, you might be better off selling the mortgaged property to keep your credit intact, before you fall behind. Keep in mind that selling for less than the amount you actually owe on the mortgage will have a negative impact on your credit – even if it’s accepted by the bank. However; it’s not as bad as multiple late payments or a foreclosure.

Use this information as a guide for questions to ask the professionals who will guide you to the right decision. You will need to consult with a mortgage professional and tax specialist before you can make an informed decision based on the guidelines outlined. Ultimately, you will also need to consult a lawyer. It is not recommended to attend a real estate closing without the presence of an attorney.

Remember that a good mortgage lender will be able to run easy-to-understand “what if” scenarios to help you determine whether you should pay more closing costs to lower your rate further, or less fees. to help you recover your initial costs quickly. Finally, don’t forget to ask your lender to do an analysis to see if you should borrow more to consolidate your debt.

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